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Calgary’s low vacancy rates spurs on development
According to CIBC World Markets Inc., Calgary and Edmonton share the lowest residential vacancy rates in Canada, but the market isn’t as tight as one might expect. Thanks to new construction of rental units and condominiums, developers are reporting that the market is shifting in favour of the tenant.
Some rental agencies are even offering incentives to prospective tenants in order to remain competitive in the market, which include bonuses for lease renewals and savings on monthly rents. Now, with new construction underway, Calgary’s vacancy rate is expected to rise to 1.2% in 2014, which should reduce the pressure on renters while offering more choice in an ever-expanding market.